Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Goodwill and Intangible Assets

    A summary of goodwill and intangible assets at December 31, 2020 and 2019, is as follows:

(In Thousands)	2020	2019
Intangible assets:
Goodwill	$15,017	$15,017
Core deposit intangible	79	127
Trade name intangible	950	950
Total	$16,046	$16,094

    The Company performed goodwill impairment testing at March 31, 2020, December 31, 2020 and December 31, 2019 in accordance with the policy described in Note 1 to the financial statements. The Company's policy dictates that the Company will perform interim impairment testing when a triggering event occurs. The Company performed the interim impairment test as of March 31, 2020 using a discounted cash flow approach. The estimated fair value of each of the Company's segments exceeded its carrying value as of March 31, 2020, and management therefore concluded that no impairment existed at that time.

At December 31, 2020, the Company performed its annual impairment test using a quantitative assessment. The Company estimated the fair value of the Company using two valuation methodologies including a control premium approach and a discounted cash flow approach. We then compared the estimated fair value of each segment to the carrying value at December 31, 2020 and concluded that no impairment existed at that time.

    The Company recorded amortization expense of its intangible assets of $48,000, $60,000, and $70,000 for the years ended December 31, 2020, 2019, and 2018, respectively.  Accumulated amortization for intangible assets was $6.0 million and $5.9 million at December 31, 2020 and 2019. 

    The future amortization expense required on these assets is as follows:

(In Thousands)
2021	$37
2022	25
2023	14
2024	3
2025	—
Thereafter	—
Total	$79